Thursday, July 17, 2014

Closed positions: One Win, EMES, One Loss ORLY

I closed EMES today.  In at 105.18 out at 108.77  +3.59. 3.41% gain. +67 R gain

To recap.  This is the type of trade that has reflected why I have been successful this year.  The objective of this trade failed.  I had hoped for a break of 110 a move to 115 or beyond.  Two failed attempts at 110 have now occurred and I still exit with a respectable profit.

What has worked is that I've consistently bought low ends of ranges, The reversal candle was my buy signal as it coincided with a bounce off the 20MA.  I chose not to give this another chance at the 110 as the market overall looks weak and breakouts have not had much momentum behind them.

Now the bad:
In at  $155.50 
Out at $152.18  - $3.32 or 2.14%  .6R loss
I did not like the bearish reversal.  Although I thought this has potential the market forces are not aligned right now.  I kept the loss small.  Other than that not too much to say about this one. 

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